TI Beats as Tech Rally Continues
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Texas Instruments (NYSE: TXN) late Monday became the latest chipmaker to report better than expected quarterly results, as the Nasdaq's winning streak reached its ninth day, the longest winning streak for the index since July 1998.
TI's sales were down 27% from the year-ago quarter but up 18% sequentially to $2.46 billion, $50 million ahead of forecasts. Earnings of 20 cents a share beat estimates by 2 cents, and the company's orders and current quarter guidance were also stronger than expected.
But after gaining 2.6% ahead of the results, TI shares were little changed in after-hours trading.
TI is just the first of several tech bellwethers to report results this week. Apple (NASDAQ: AAPL), AMD (NYSE: AMD), Seagate (NASDAQ: STX) and Yahoo (NASDAQ: YHOO) will report earnings Tuesday night. eBay (NASDAQ: EBAY), VMware (NYSE: VMW) and Qualcomm (NASDAQ: QCOM) will report on Wednesday.
Microsoft (NASDAQ: MSFT), EMC (NYSE: EMC), Amazon.com (NASDAQ: AMZN), Juniper (NASDAQ: JNPR) and AT&T (NYSE: T) will report results on Thursday, and Ericsson (NASDAQ: ERIC) will release earnings on Friday.
Cisco (NASDAQ: CSCO) rose 3% on a Credit Suisse upgrade, and Research in Motion (NASDAQ: RIMM) was up 3.5%.
Red Hat (NYSE: RHT) gained 8.4% on news that the company will be added to the S&P 500.
The Nasdaq rose 22 to 1909, the S&P 500 gained 10 to 951, and the Dow climbed 104 to 8848. Volume declined to 5.08 billion shares on the NYSE, but rose to 2.08 billion on the Nasdaq. Advancers led by a 29-8 margin on the NYSE, and 18-8 on the Nasdaq. Upside volume was 76% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 86-72 on the NYSE, and 82-16 on the Nasdaq.